First Abu Dhabi BankFirst Abu Dhabi Bank P.J.S.C
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FAB has a number of management committees, including the Group Executive Committee (“Group EXCO”) which is the FAB Group’s senior most management level Committee and it operates under a delegated authority from the FAB Board. It is responsible for identifying matters required or appropriate for escalation to the Group Board or Board Committees. The Group EXCO also supports the Group CEO to determine and implement the Bank’s strategy as approved by the FAB Board.
The Group EXCO has established additional management committees to help execute agreed objectives of the Group EXCO and assist in the efficiency and effectiveness of running, controlling and monitoring of the business of the FAB Group. These management committees segregate into tier 1 committees and tier 2 committees. The tier 2 committees provide necessary information and support to their relevant tier 1 Committee. Each Committee has an approved charter that outlines its authority, responsibilities, meeting frequency and practices, reporting and self-evaluation. All tier 1 committees operate under a delegated authority from the Group EXCO.
The management Committee structure helps drive senior level management decision-making within the Company across a range of matters, including the management of strategic; financial; capital; risk; operational; information technology and people issues affecting FAB.
The review cycle for the charters of the management committees is every two years. The majority of the management Committee charters were reviewed and updated in 2020 to accurately reflect the strategic objectives, scope and operations of the Committees. The rest were reviewed in accordance with their respective charter review period.
Key responsibilities of the Committee include making decisions on the Bank’s strategy, annual budgets, capital management, risk management and FAB’s more material policies and procedures. The Group EXCO may delegate certain authorities and powers to management committees and individuals, but it reserves the authority to deal with strategy, annual budget and structure; financial reporting and controls; capital management; risk and internal control; contracts; corporate governance matters; executive remuneration, human resources policies, group policies, Annual General Meeting of the shareholders and any other matters in its discretion.
In 2021, Group Executive Committee held fourteen Committee meetings with 94% attendance